公司研究 证 券 研 究 报 告 资料来源：公司公告，华创证券预测 金域医学（603882）2024 年报&2025 年一季报点评 推荐（维持） 短期业绩承压，运营效率持续提升 目标价：41 元 事项： 公司发布 24 年报及 25 年一季报，24 年，公司实现营收 71.90 亿元（-15.81%）， 归母净利润-3.81 亿元（23 年同期为 6.43 亿元），扣非归母净利润-2.38 亿元（23 年同期为 3.65 亿元）。25Q1，公司实现营收 14.67 亿元（-20.35%），归母净利 润-0.28 亿元（24 年同期为-0.19 亿元），扣非归母净利润-0.39 亿元（24 年同期 为-0.29 亿元）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,190 | 7,211 | 7,891 | 8,719 | | 同比增速(%) | -15.8% | 0.3% | 9.4% | 10.5% | | 归母净利润 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024, attributed to the impact of DRG implementation and industry restructuring [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 7.19 billion, a year-on-year decrease of 15.81% [1] - The net profit attributable to shareholders was -0.38 billion, a year-on-year decline of 159.26% [1] - The fourth quarter of 2024 saw revenue of 1.57 billion, down 29.57% year-on-year, with a net profit of -0.48 billion, a staggering decline of 805.23% [1] - For Q1 2025, revenue was 1.47 billion, a decrease of 20.35% year-on-year, with a net profit of -0.03 billion, down 49.09% [1] Group 2: Cost Management and Efficiency - The company is focusing on quality improvement and efficiency enhancement, integrating AIoT technology to build cost advantages, resulting in a 21% year-on-year increase in laboratory productivity [2] - Logistics costs decreased by 7.29% due to optimized logistics routes [2] - The cost of reagents fell by 15.54% through integrated supply chain management [2] - The implementation of smart screening and automated testing workstations has increased efficiency by four times and saved nearly a hundred manpower costs [2] Group 3: Digital Transformation and Data Utilization - The company is advancing its "Medical Testing 4.0" vision, focusing on digital transformation in big data and AI [3] - A data platform managing over 23PB of medical data is being developed, with an annual growth rate of 1PB [3] - The company is leveraging its accumulated medical knowledge to train industry-specific AI models, enhancing service delivery through a platform with over 570,000 registered users [3] - Collaborations with data industry associations aim to promote a secure and efficient data space for better resource utilization [3] Group 4: Profitability Metrics - The overall gross margin for 2024 decreased by 3.33 percentage points to 33.15%, primarily due to weakened scale effects and price reductions [4] - The net profit margin fell by 13.23 percentage points to -5.77% [4] - In Q4 2024, the gross margin was 25.96%, with a net profit margin of -31.74% [4] Group 5: Future Projections - Revenue forecasts for 2025-2027 are 7.19 billion, 7.75 billion, and 8.60 billion, with year-on-year growth rates of 0%, 8%, and 11% respectively [5] - Projected net profits for the same period are 0.30 billion, 0.57 billion, and 0.81 billion, reflecting growth rates of 179%, 90%, and 41% [5] - The expected EPS for 2025 is 0.65, with a corresponding PE ratio of 47 based on the closing price on May 7, 2025 [5]